D-Wave Quantum (NYSE:QBTS) Shares Gap Up Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price gapped up before the market opened on Monday after B. Riley raised their price target on the stock from $3.75 to $4.50. The stock had previously closed at $2.93, but opened at $3.42. B. Riley currently has a buy rating on the stock. D-Wave Quantum shares last traded at $3.47, with a volume of 11,902,922 shares traded.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC restated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Westpark Capital reiterated a “buy” rating and set a $3.00 price objective on shares of D-Wave Quantum in a research report on Friday, August 9th. Benchmark lowered their price objective on shares of D-Wave Quantum from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, Roth Mkm lowered their price objective on shares of D-Wave Quantum from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $2.88.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baader Bank Aktiengesellschaft bought a new stake in D-Wave Quantum during the 2nd quarter valued at about $28,000. Instrumental Wealth LLC bought a new stake in D-Wave Quantum during the 1st quarter valued at about $60,000. Thoroughbred Financial Services LLC bought a new stake in D-Wave Quantum during the 2nd quarter valued at about $45,000. SG Americas Securities LLC bought a new stake in D-Wave Quantum during the 3rd quarter valued at about $42,000. Finally, Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum in the 3rd quarter valued at about $49,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Performance

The firm has a market cap of $649.63 million, a P/E ratio of -6.90 and a beta of 0.96. The firm’s fifty day moving average price is $1.23 and its 200 day moving average price is $1.14.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.